Equiteq is pleased to announce that it has advised Grit Consulting, a global performance improvement design consultancy on its sale to leading global Technology Solutions company Cyient.
Cyient (Estd: 1991, NSE: CYIENT) is a leading consulting-led, industry-centric, global Technology Solutions company headquartered in Hyderabad, India. Cyient enables its customers to apply technology imaginatively across their value chain to solve problems that matter. They are committed to designing tomorrow together with their stakeholders and being a culturally inclusive, socially responsible, and environmentally sustainable organization.
The statutory announcement has been made on 28th April 2022, and the transaction is expected to close on 30th April 2022.
Grit Consulting is a Singapore-based global performance improvement design consultancy that unlocks value by catalyzing the integration of technology, people, systems, and process, to activate resilient and thriving future-fit organizations faster.
This acquisition will enable Cyient customers across sectors to draw value from the Grit's deep knowledge and Cyient's technology solutions capabilities.
The global consulting services market is expected to grow exponentially, and the acquisition of Grit Consulting will empower Cyient to further its consulting-led growth aspiration. Grit is well established in the mining and energy space and will allow for the rapid expansion and deepening of Cyient's footprint in these industries by leveraging customer, geographic, and talent synergies. To complement this, Cyient continues to invest in developing innovation hubs and CoEs to strengthen its digital transformation capabilities and provide innovative solutions to its customers.
Commenting on the acquisition, Cyient's MD and CEO, Krishna Bodanapu, said, "We are expanding our Cyient Consulting practice with this investment. It aligns with our consulting-led growth strategy, and we see great synergies across talent, footprint, and customers. With Grit Consulting's expertise in business transformation and our technology solutions capabilities, we can deliver strategic outcomes for our customers".
"We are extremely honored to be acquired by Cyient and see enormous synergies in supporting our customers given Cyient's international reach and technology capabilities," said Jeremy Brown, Founding Partner, Grit Consulting. "We believe that this coming-together of Cyient's technology solutions and our innovative socio-technical design consulting approaches will further strengthen our capabilities to enable sustainable performance improvements and cultural enhancement across the organization."
Regarding Equiteq’s role in the transaction, John Ptasznik, CEO of Grit Consulting said: “Equiteq were a true partner in facilitating the entire transaction process and actively pursued the value needs of both Cyient and Grit to maximize deal potential. A professional, experienced and dedicated team who were always on hand to make a complicated and sometimes daunting process clear and intentional”.
Sylvaine Masson, Director of Equiteq APAC, added: “It has been a pleasure to work with such a talented team of professionals and assist Grit Consulting in their growth strategy. We are excited for Grit, Cyient and their clients, as this transaction brings together premium advisory services and innovative technology solutions, which paves the way for a very exciting future".